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SES S.A.
(SESG)
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Rating:46Neutral
Price Target:
€4.00
▼(-17.70% Downside)
Action:Reiterated
Date:10/11/26
The score is held back primarily by weaker financial quality (inconsistent net profitability, higher leverage, and sharply lower free cash flow) and bearish technicals (below major moving averages with negative momentum). A very high dividend yield provides some valuation support, but the negative P/E reflects loss-making results and limits how much valuation can offset the financial and trend risks.
Positive Factors
Revenue rebound
The strong 2025 revenue rebound indicates renewed demand across SES’s connectivity and media activities. Sustained top-line recovery would improve asset utilization, support investment in network capabilities, and provide a stronger base for rebuilding profitability over the next several quarters.
Negative Factors
Higher leverage
The sharp increase in leverage and decline in equity raise SES’s financial risk and reduce flexibility. A more heavily indebted balance sheet can constrain investment choices, increase sensitivity to weaker operating results, and make restoring consistent shareholder returns more difficult.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue rebound
The strong 2025 revenue rebound indicates renewed demand across SES’s connectivity and media activities. Sustained top-line recovery would improve asset utilization, support investment in network capabilities, and provide a stronger base for rebuilding profitability over the next several quarters.
Read all positive factors
SES S.A. (SESG) vs. iShares MSCI France ETF (EWQ)
Market Cap
€1.54B
Dividend Yield11.96%
Average Volume (3M)1.02M
Price to Earnings (P/E)―
Beta (1Y)0.55
Revenue Growth62.47%
EPS Growth-490.53%
CountryFR
Employees3,830
SectorCommunication Services
Sector Strength97
IndustryTelecommunications Services
Share Statistics
EPS (TTM)-0.97
Shares Outstanding371,457,600
10 Day Avg. Volume951,051
30 Day Avg. Volume1,024,272
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)0.96
Price to Sales (P/S)0.77
P/FCF Ratio8.82
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€6.37Price Target Upside31.00% Upside
Rating ConsensusHold
Number of Analyst Covering3
EPS Forecast (FY)-0.33
Revenue Forecast (FY)€3.39B
SES S.A. Business Overview & Revenue Model
Company Description
SES S.A. provides satellite-based data transmission capacity and ancillary services worldwide. The company offers content connectivity solutions, including network spanning satellite and ground infrastructure to create, deliver, and manage video a...
How the Company Makes Money
SES makes money primarily by selling access to satellite network capacity and managed connectivity services under commercial contracts. Key revenue streams include: (1) Network/connectivity services: recurring revenue from providing data links and...
SES S.A. Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
35
Negative
Cash Flow
54
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.87B | 2.63B | 2.00B | 2.03B | 1.94B | 1.75B |
| Gross Profit | 1.09B | 1.87B | 1.35B | 1.38B | 1.59B | 1.43B |
| EBITDA | 1.93B | 1.03B | 1.03B | 50.00M | 859.00M | 1.19B |
| Net Income | -370.00M | -95.00M | 15.00M | -905.00M | -35.00M | 453.00M |
Balance Sheet | ||||||
| Total Assets | 13.09B | 13.37B | 10.33B | 10.18B | 12.61B | 13.08B |
| Cash, Cash Equivalents and Short-Term Investments | 918.00M | 1.07B | 3.22B | 2.91B | 1.05B | 1.05B |
| Total Debt | 7.10B | 6.94B | 4.57B | 4.20B | 4.39B | 3.61B |
| Total Liabilities | 10.39B | 10.66B | 6.83B | 6.43B | 6.95B | 7.35B |
| Stockholders Equity | 2.56B | 2.10B | 3.42B | 3.08B | 5.60B | 5.67B |
Cash Flow | ||||||
| Free Cash Flow | -25.00M | 229.00M | 703.00M | 3.07B | 122.00M | 1.01B |
| Operating Cash Flow | 266.00M | 751.00M | 1.01B | 3.48B | 1.48B | 1.29B |
| Investing Cash Flow | -1.59B | -1.79B | -159.00M | -370.00M | -1.80B | -283.00M |
| Financing Cash Flow | -2.21B | -1.08B | -375.00M | -1.02B | 305.00M | -1.13B |
SES S.A. Technical Analysis
Negative
4.86
Price Trends
4.22
Negative
5.25
Negative
5.84
Negative
Market Momentum
<0.01
Negative
51.51
Neutral
61.36
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:SESG, the sentiment is Negative. The current price of 4.86 is above the 20-day moving average (MA) of 3.97, above the 50-day MA of 4.22, and below the 200-day MA of 5.84, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 51.51 is Neutral, neither overbought nor oversold. The STOCH value of 61.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:SESG.
SES S.A. Risk Analysis
SES S.A. disclosed 39 risk factors in its most recent earnings report. SES S.A. reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
SES S.A. Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | €451.85M | 5.35 | 11.10% | 3.92% | -11.57% | 223.80% | |
70 Outperform | €1.26B | 10.09 | 6.17% | 10.57% | -2.51% | -25.56% | |
64 Neutral | €1.27B | 12.55 | 8.16% | 12.45% | -1.59% | -31.58% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
58 Neutral | €38.47B | 9.28 | 14.52% | 5.18% | 3.02% | 267.18% | |
47 Neutral | €1.56B | 33.20 | 1.01% | 2.46% | ― | ― | |
46 Neutral | €1.54B | -4.31 | -14.45% | 11.96% | 62.47% | -490.53% |
* Communication Services Sector Average
FR:SESG
SES S.A.
4.18
-1.90
-31.24%
FR:MMT
Metropole Television
10.04
-0.75
-6.95%
FR:NRG
NRJ Group
5.84
-1.80
-23.56%
FR:ORA
ORANGE SA
14.47
1.25
9.44%
FR:TFI
Television Francaise 1 SA TF1
5.96
-1.27
-17.59%
FR:VIV
Vivendi
1.63
-1.38
-45.91%
SES S.A. Corporate Events
SES to Power Air Astana’s Next-Generation Inflight Connectivity Across A321LR Fleet
Oct 30, 2026
SES has been selected by Air Astana to provide next-generation inflight connectivity across the Kazakh flag carrier’s Airbus A321LR fleet, marking a significant expansion of SES’s aviation-focused satellite services in Central Asia. Th...
SES Extends Long-Term Global Satellite Partnership with CANAL+ to 2040
Oct 27, 2026
SES has secured a long-term extension of its strategic partnership with CANAL+, under a multi-year capacity agreement that runs through 2040 and spans Europe, Africa and the Caribbean. The deal will see CANAL+ continue to rely on SES’s satel...
SES Space & Defense Advances NASA Relay Project with Pelican-12 Demo
Oct 20, 2026
SES Space Defense has launched a demonstration payload on Planet Labs’ Pelican-12 satellite as part of NASA’s Communications Services Project, which aims to replace the agency’s legacy Tracking and Data Relay Satellite system wi...
SES Cuts 2027 Debt via €363 Million Note Buyback at 97.33%
Oct 5, 2026
SES has completed a cash tender offer for its €500 million 0.875% guaranteed notes due November 2027, receiving valid tenders of €363.4 million in aggregate principal amount from noteholders. The company set the final acceptance amount...
SES and Sky Renew Long-Term Satellite TV Partnership Across U.K. and Ireland
Sep 30, 2026
SES and Sky have signed a new multi-year agreement that extends their long-standing direct-to-home satellite partnership for television services across the U.K. and the Republic of Ireland into the next decade. Sky will continue to use SES’s...
SES Issues €500 Million Bond to Refinance Debt and Strengthen Balance Sheet
Sep 30, 2026
SES S.A. has launched and priced a €500 million offering of senior unsecured fixed-rate notes due 2031, carrying a 5.625% coupon and priced at 99.667% of nominal value, with settlement scheduled for 6 October 2026 and a planned listing on th...
SES Launches Cash Tender Offer Tied to New Euro Bond Issue
Sep 28, 2026
SES S.A. has launched a cash tender offer for its €500 million 0.875% guaranteed notes due November 2027, inviting holders to tender their bonds for cash up to a maximum amount linked to a forthcoming new euro-denominated note issue. The off...
SES Launches Tender Offer for €500 Million Notes Ahead of New Euro Bond Issue
Sep 28, 2026
SES has launched a cash tender offer for its €500 million 0.875% guaranteed notes maturing in November 2027, inviting holders to sell their securities at a purchase price to be set by reference to an interpolated mid-swap rate plus a 20 basi...
SES Builds New Satellite Manufacturing Hub in Luxembourg to Power Next-Generation Networks
Sep 24, 2026
SES has begun construction of a 16,000m² satellite manufacturing facility in Kockelscheuer, Luxembourg, advancing its strategy of vertical integration in the space solutions market. The site will house advanced engineering, manufacturing and ...
SES adds Luxembourg Government Secretary General Michel Scholer to Board
Sep 23, 2026
SES has appointed Michel Scholer, currently Secretary General of the Luxembourg Government and Chief of Staff to the Prime Minister, to its Board of Directors with immediate effect. The move underscores SES’s focus on board succession planni...
SES and Elveo Deepen Partnership to Speed Direct-to-Device Satellite Services in Europe
Sep 15, 2026
SES and Elveo Mobile have expanded their partnership to accelerate direct-to-device satellite connectivity services across Europe, targeting consumers, enterprises, governments, institutions, and defense users. SES will use Elveo’s patented ...
SES Completes O3b mPOWER MEO Constellation with Final Satellite Launch
Sep 13, 2026
SES has successfully launched its eleventh, twelfth and thirteenth O3b mPOWER satellites aboard a SpaceX Falcon 9 from Cape Canaveral, completing its second-generation medium Earth orbit constellation. The new spacecraft will join ten existing O3b...
SES Launches SES CORE Platform to Streamline Hybrid Content Delivery
Sep 11, 2026
SES has introduced SES CORE, a new content orchestration and hybrid delivery platform that lets broadcasters and media companies manage, monitor, and distribute content through satellite, fiber, and IP via a single interface. Built on infrastructu...
SES Deepens Peruvian Navy Partnership with Multi-Orbit Satellite Deal
Sep 3, 2026
SES has expanded its collaboration with the Peruvian Navy to deliver a sovereign, multi-orbit satellite connectivity solution that combines geostationary and low earth orbit services across the Navy’s coastal bases, aircraft, and vessels. Th...
Davide Leone and Partners Takes 5.01% Voting Stake in SES
Sep 1, 2026
SES S.A. has disclosed that London-based Davide Leone and Partners Investment Company Limited has crossed a regulatory shareholding threshold, acquiring an indirect 5.01% of the company’s voting rights. The position, equivalent to 26,115,926...
SES deepens direct-to-device play with strategic Elveo Mobile partnership
Aug 17, 2026
SES has deepened its push into direct-to-device satellite services by expanding its strategic investment and collaboration with Elveo Mobile, the new entity formed from the merger of Lynk and Omnispace. Elveo will provide satellite connectivity di...
SES Advances IRIS² MEO Programme With Key EU Milestone and €1.35 Billion Commitment
Aug 7, 2026
SES has achieved a key milestone in the EU-backed IRIS² programme by successfully completing the first implementation review, known as RDV1, for its next-generation medium Earth orbit architecture. The progress confirms readiness to proceed w...
SES Restates FY2025 EU Taxonomy Disclosure to Align With EU Sustainability Rules
Jul 31, 2026
SES has issued a restatement of its FY2025 EU Taxonomy Article 8 disclosure, replacing the version previously included in its 2025 Annual Report and making the updated report available to investors via its website. The move underscores SES’s...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.